Bifrost, a decentralized cross-chain liquidity provider for staked assets, has reached its crowdlending soft cap for its Polkadot parachain auction.
The protocol currently has more than 369,000 DOT contributed to its equity loan as it prepares to participate in the 16th, 17th, 18th and 19th Polkadot auctions for a parachain slot with a two-year lease.
Bifrost is ready to make the transition from Kusama to Polkadot
In the four days since its crowdlending launch, around 320 wallets have contributed over 100,000 DOT.
Parachain Polkadot auction set to begin Friday, April 29, Bifrost says CryptoSlate that he was confident he would secure a niche and leverage the interoperability, scalability and security of the Polkadot network to build his staking liquidity solution.
Bifrost is a web3 derivatives protocol that provides decentralized cross-chain liquidity for staked assets. The company’s mission is to provide staking liquidity to more than 80% of POS chains, which is why they are interested in the interoperability and scalability of Polkadot. Leveraging Dotsama Relay Chains, Parachains, and Bridged Heterogeneous Chains will allow Bifrost to securely transport billions of staking assets.
The protocol was hugely successful on Kusama, becoming the network’s 5th parachain to earn with 142,500 KSM from around a third of Kusama wallets. Lurpis Wang, the founder of Bifrost, said CryptoSlate that Bifrost’s Kusama parachain has achieved capital growth of $125 million, showing users the security and economy that Bifrost offers.
“We are ready for the next big step. Bifrost will build an interoperable cross-chain bridge between Kusama and Polkadot, igniting the StakeFi ecosystem by tens of billions of dollars. We couldn’t have done all of this without the support of our amazing community.
Nine months after the success of their Kusama offer, Bifrost says it is ready to make the transition to Polkadot. The Kusama bridge at Polkadot will allow Bifrost to create a larger-scale DeFi protocol and reach 10 times its current market value.
The platform will use the Polkadot-Kusama bridge during the transition, connecting Kusama assets from Bifrost to Polkadot and smoothly migrating all existing businesses from Kusama to Polkadot. The company told CryptoSlate that it will keep the Kusama and Polkadot parachains until the migration is complete and then service both ecosystems using its Polkadot parachain.
Securing a Polkadot parachain slot means that DOT and KSM staking will be available on the Bifrost parachain. The new compatibility will bring the platform one step closer to achieving cross-chain staking liquidity on all Dotsama parachains and relay chains.
“We are very happy to see Bifrost working to get a parachain slot after the outstanding services they have provided to users, including DFG, to participate in Kusama and Polkadot equity loans,” said James Wo, Founder and CEO of DFG, and one of the main investors in Bifrost. “We think their place among the greats is well deserved.”